"You might be an economist if you refuse to sell your children because they might be worth more later."Just for the record, Eric Crampton, of Offsetting Behaviour fame, hasn't tried to sell his son Ira .... yet.
Yoram Bauman
"You might be an economist if you refuse to sell your children because they might be worth more later."Just for the record, Eric Crampton, of Offsetting Behaviour fame, hasn't tried to sell his son Ira .... yet.
Yoram Bauman
1 comment:
It would take a very high price to convince me to sell Ira. For a lower price, though, we could probably negotiate the supply of a close substitute. The price would still be very high, but not as high as for Ira. The endowment effect is strong.
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